In the business world, for-profit and non-profit organizations are often described as completely different entities with little to no relation to one another. What many business owners fail to understand, however, is the mutual benefit that can accrue when a for-profit business partners with a non-profit charity organization. Here are just four of the ways such a partnership can benefit your business.
One of the most valuable benefits of working with a charity organization is that it increases the amount of goodwill for your business in the public at large. Consumers today attach more importance to the social impacts of a business than past generations did. As a result, making it well-known that your business is partnered with a charity of some kind can help raise awareness of your brand. For example, Vasayo did this when they posted about partnering with Hearts and Hands for Humanity on their Medium.com account. This is especially true if you set up an arrangement wherein a certain percentage of each sale you make is donated to the charity you partner with. When this is the case, consumers are not only encouraged to view your brand favorably, but to actually buy your product as well.
Many businesses that opt to partner with a charity choose to work with one that benefits their local area. This causes residents of your community to become more aware of your business and its products or services. Often, this advantage can be capitalized on by participating actively in public fundraising drives or by organizing local charity events. The more people in your area are familiar with your business, the more likely it is to succeed.
Much like consumers, employees have begun to become more socially conscious about their market choices. Many younger workers actively prefer to work for businesses that have a positive impact in the world. This trend can benefit your business in two ways when you create a working partnership with a charity. Firstly, it can help you keep your current employees more engaged and more excited about the work your company does. Second, it will act as an extra incentive for younger workers looking for new jobs to apply to work for you.
Aside from these recruiting and retention advantages for you, employee engagement can also benefit the charity organization. Employees who like your policy of helping a charitable organization will often agree to put in some volunteer hours working with that charity. If you really want to encourage this, you can allow your employees to take a few hours from their regular duties once in a while to go help the charity with its day-to-day operations or with a special event.
Depending on exactly where your business is located, you may be eligible for some substantial tax benefits from making charitable donations. Many such donations are considered tax-deductible, meaning you may be able to get a lower tax rate from making them. Be aware, however, that not all jurisdictions will be the same in this regard. Check with a CPA who is familiar with the tax laws in your area to determine whether or not there are tax advantages to a charitable partnership for your business.
For all of these reasons and more, partnering with a charity can be a good business move. Just as important, however, is the fact that doing so gives you a chance to do some real good in the world. Business can be stressful and take a toll on you personally. Knowing that you've done something good with some of your profits at the end of the day can make that toll even more worthwhile than it already is. If you want to improve your business and have a positive impact at the same time, consider finding a charity that could benefit from your business's help.
You need to be a member of RecruitingBlogs to add comments!